KUALA LUMPUR (June 10): Here is a brief look at some corporate announcements and news flow on Friday (June 10) involving Scientex Packaging (Ayer Keroh) Bhd, AEON Co (M) Bhd, Perak Corp Bhd, Aurora Italia International Bhd, Reservoir Link Energy Bhd, Hibiscus Petroleum Bhd, Hong Seng Consolidated Bhd, Malaysian Genomics Resources Bhd (MGRC), Iskandar Waterfront City Bhd (IWCity), Minda Global Bhd, Hua Yang Bhd, Pekat Group Bhd, Green Packet Bhd, Hektar Real Estate Investment Trust (REIT) and MY EG Services Bhd.
Scientex Packaging (Ayer Keroh) Bhd's cumulative net profit for the nine months ended April 30, 2022 fell 17% to RM31.79 million from RM38.14 million a year earlier despite cumulative revenue rising to RM582.21 million from RM468.14 million previously. Scientex Packaging said net profit for the third quarter ended April 30, 2022 was flat at RM10.31 million versus RM10.26 million a year earlier, due to an increase in raw material costs and other operating costs.
AEON Co (M) Bhd said its managing director and chief executive officer Shafie Shamsuddin will resign from the posts effective June 30 to pursue new challenges. He will be succeeded by Ono Keiji, an executive with 27 years’ experience serving various roles within the AEON Group globally.
Perak Corp Bhd has rejected the commercial crime allegations against the group by its former director Chong Zhemin in relation to deviation of assets declaration between the group’s scheme of arrangement and the 2021 annual report. Perak Corp said Chong has made untrue and malicious statements against the group, which has also lodged another police report against the DAP State Assemblyman for Keranji in Perak.
Home-grown premium jewellery distributor Aurora Italia International Bhd is seeking to withdraw its listing from the LEAP Market of Bursa Malaysia. The group, which was listed on the LEAP Market in July 2020, said the rationale for the proposed withdrawal is to facilitate the proposed listing of and quotation for the entire issued share capital of the company on the ACE Market.
Reservoir Link Energy Bhd's 60%-owned unit has secured a three-year contract from Hibiscus Petroleum Bhd to provide services in relation to identifying opportunities for wells production enhancement and rejuvenation. The oil and gas well services provider said the subsidiary that secured the contract was Reservoir Link Solutions Sdn Bhd. The group said scope of work under the contract includes supply of equipment, chemicals, technical support team and provision of a laboratory facility to conduct laboratory testing, studies and expert interpretative services as required by SEA Hibiscus Sdn Bhd, an indirect wholly-owned subsidiary of Hibiscus.
Hong Seng Consolidated Bhd plans to establish a regional manufacturing centre in Malaysia to produce electric vehicle (EV) batteries and develop energy storage solutions that will eventually be supplied to EV manufacturers and assemblers in the Southeast Asian region. The healthcare supply chain management specialist said it signed a Memorandum of Understanding with EoCell Inc, which specialises in the design and development of high-energy nano-silicon anode materials and non-flammable electron technologies for advanced silicon and solid-state batteries.
Malaysian Genomics Resources Bhd (MGRC) has received a waiver from Bursa Malaysia Securities Bhd to exempt it from submitting its regularisation plan to the relevant authorities. Following the waiver, Bursa Securities has uplifted MGRC from being classified as a Paragraph 8.03A company effective June 13. The group was first labelled as Paragraph 8.03A company in December 2019.
Iskandar Waterfront City Bhd (IWCity) has decided not to appeal against the rejection of the relief application by Bursa Securities and said that it is now a Paragraph 8.03A affected listed issuer. The property developer stressed that it is not a Practice Note 17 (PN17) company. The regulator had via its letter dated June 3, rejected IWCity’s relief application.
Minda Global Bhd, the company that runs University of Cyberjaya, has proposed to buy the properties it is operating from for RM180 million. Acquiring the properties, which include 16,208 square metres of freehold land and the buildings on it, will provide the group greater flexibility in undertaking future expansion plans and eliminate the risk of non-renewal of tenancy, said Minda Global.
Hua Yang Bhd has proposed to undertake a renounceable rights issue of up to 88 million new shares coupled with free warrants to raise up to RM17.6 million. It is seeking an exemption from the Securities Commission Malaysia to relieve major shareholder Heng Holdings Sdn Bhd from its mandatory offer obligation as a result of the cash call. The property developer said the rights issue with warrants entails the issuance of one rights share for every four existing Hua Yang shares held. The warrants will be issued on the basis of one warrant for every one rights share subscribed for by entitled shareholders.
Pekat Group Bhd has secured a contract to supply an 185.3kWp grid connected photovoltaic system in Port Klang. The renewable energy solution provider said the contract worth RM728,312 was awarded by Hextar Chemical Sdn Bhd.
Digital solutions provider Green Packet Bhd announced the retirement of Tan Sri Omar Abdul Rahman as its non-independent and non-executive chairman. Omar has held the post for 18 years since June 25, 2004.
Hektar Real Estate Investment Trust (REIT) chief executive officer (CEO) Datuk Hisham Othman, 60, is retiring from his position and will be succeeded by non-executive director Johari Shukri Jamil. The retail REIT, which owns six neighbourhood shopping centres throughout Peninsular Malaysia, said Johari Shukri will take over as the CEO from June 11.
MyEG Services Bhd’s unit is partnering with the Philippines’ tourism authority to implement an online payment portal designed to facilitate payment for travel taxes. The group said its 40%-owned unit I-Pay MYEG Philippines Inc has entered into a memorandum of agreement to partner Tourism Infrastructure and Enterprise Zone Authority to make payment of travel taxes more effortless. Philippines citizens will have multiple options to pay for travel tax anytime online through this partnership, the group said.